What do with think will be in Labour’s budget?

Many will be paying far less in tax than what they take in benefits and cost of public services used. A far higher proportion than workers who are actually contributing more, not in terms solely of tax/benefits, but also actually making things or doing things that generate wealth.

https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/economicinactivity

If they are not in employment, what taxes are they paying?

I think we are past the point of no return. More and more people out of work - due to lack of jobs and sickness. The middle are taxed to the hilt already. Benefits look set to rise by 5%. I don't know anyone that works for a living that is getting that sort of rise. So much for getting the welfare bill down! People are fed up with working and still struggling to have anything like the lifestyle they deserve.

Really? All of them? What about all those millionaire pensioners on gold plated pensions? They’re paying more than a lot of people in work.

A lot will be paying minimal amounts of tax.

You do know a lot of those economically inactive people are taxpayers?

You did better than me. My markets were amber, the polling was green and I had £10.9 bn headroom. Clearly you should be chancellor!

Yes, a weak, genuflecting PM, who lacked the minerals to face down a bunch of welfare clowns.

@CheltenhamLady

The chosen few is actually a high number. There are about 9 million inactive people in the UK being financed by the taxpayers.

@CheltenhamLady

The chosen few is actually a high number. There are about 9 million inactive people in the UK being financed by the taxpayers.

I think that there is scope for slightly higher taxes in some places, but only if they get rid of all the ridiculous cliff-edges and bring in more different tax rates.

I.e. why is income tax just 0% - 20% then 40%. Why not 10%, 20%, 30%, 40%, 50% at different income levels so we don't get the same "jumps" when going into a new band (bad for behavioural aspects).

Why does vat go from 0% to 5% to 20%. Why not a higher rate of 25% on genuine luxuries and say, 10% rate on hospitality?

Why do we have a very damaging "cliff edge" for small businesses when turnover tips over £90k p.a. making them worse off by thousands for going slightly over it? Why not some form of tapering between £90k and £135k so businesses can continue to grow organically.

Get rid of national insurance and increase income tax instead.

There are so many things that can be changed for the better. We need to have a broader view of taxation, so that it's not just about raising maximum revenue, it's also about incentivising growth, incentivising people to work more, incentivising businesses to grow, etc. At the moment far too much of the tax/benefits systems disincentivises business growth and work.

As welcoming as you are to paying higher taxes I don’t think they’ve got much room left for that or more borrowing.

Done it. Polls and markets green, headroom 11 billion. Simples.

Such a shame that Starmer didn't realise that and kept u-turning to keep them happy rather than force them into line.

Yes, that would be it….

You're just jealous that I managed to keep them happy and didn't need to resort to threats 😇

Couldn’t care less about the Labour back benches.

Theyre unemployable anywhere else, and everyone knows it.

I did it and got green on polls and markets, and 18.3 bn headroom.😀 Backbenchers happy. No welfare cuts.

26.4bn

Backbench students were furious so I threatened them with an early GE.

They soon piped down.

All good.

What about the polls? And how much headroom did you have?

Quote "What CNOOC will do with their share of revenues I don’t know.".

Pay Chinese tax I assume.

Did it, smashed it.

Markets happy.

Then don’t do it.

Its like an Xmas advent calendar….

@RedTagAlan

Good stuff. And what does this prove in terms of what we were discussing, trickledown, and taxation ?

I was not commenting on the trickledown economic theory, but corporate taxes. Countries who offer lower corporate tax are more likely to attract business than those who have higher corporate taxes.

Why else did so many US companies set up in Ireland if it wasn’t for the low corporate taxes?

What CNOOC will do with their share of revenues I don’t know.